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Re-test FAR

Authored by Trinley Paldon

Mathematics

University

Used 1+ times

Re-test FAR
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9 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

Explain how the concerned scenario abides by or violates an accounting concept:

Lehman Brothers, a major investment bank, filed for bankruptcy in 2008 amidst the global financial crisis. The collapse of Lehman Brothers raised questions about the viability of other financial institutions and the overall stability of the financial system.

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2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Select the most appropriate answer:

The amount brought in by the proprietor in the business should be credited to

Cash account

Capital account

Drawing account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Select the most appropriate answer:

The Cash discount allowed to a debtor should be credited to

Discount account

Customer's account

Sales account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

State under what heading would you classify the given account:

Salary prepaid account

Personal

Real

Nominal

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

State under what heading would you classify the given account:

Bad debts account

Personal

Real

Nominal

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

State under what heading would you classify the given account:

Salary outstanding account

Personal

Real

Nominal

7.

FILL IN THE BLANK QUESTION

1 min • 1 pt

Fill in the blank:

The process of transferring the debit and credit items from a Journal to their respective accounts in the Ledger is termed as....

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